The entertainment chain warned that it was ­“probable” it would breach two bank loan ­requirements next month and said that tough trading had resulted in “material ­uncertainties facing the ­business”.

New boss Trevor Moore admitted sales between now and Christmas would be “critically important”.

He said that improving staff training and trimming costs were also vital.

But he has a difficult task ahead after takings tumbled by another 10.2% in the six months to the end of October.

Moore, who joined the ­business from camera chain Jessops, said that sales had been hit by a lack of new product releases because of this summer’s ­Olympics.

He stressed that the company had the full backing of suppliers and pointed at half-year losses, which had narrowed to £37.3million, from £48.1m the previous year.

HMV shares fell 39% on the back of the results, valuing the 91-year-old business at just £10.1million.

Analyst Philip Dorgan, from Panmure Gordon, said: “The group has a lot of support from its various stakeholders, but its markets are extremely tough.”